Small business confidence soared following Donald Trump's election on promises of lower taxes and reduced business regulation. But the latest release of the National Federation of Independent Business' confidence index shows that these good feelings are waning slightly, while small business owners are scaling back their plans to invest in their businesses.

Data: National Federation of Independent Busines

Why it matters: Confidence is nice, but unless it translates into action, it will have little effect on the broader economy. Businesses appear to be waiting for actual policy changes to take effect before ramping up investment.